Though they remain elevated, gas prices fell more than 10% last month.
Consumer prices rose 8.3% in the 12 months ending in August—slowing down for a second consecutive month (thanks largely to some relief at the pump), but still climbing more than expected as investors await definitive signs that the Federal Reserve’s interest rate hikes may finally bring inflation back down to normal levels.
Though they remain elevated, gas prices have tumbled from record highs this summer, fueling hopes that the worst of this year’s inflationary surge may be over.
